On October 23, 2024, BRICS countries issued the Kazan Declaration during their summit in Russia. Here are the key points discussed:

On Ukraine

The BRICS group emphasized that all states should act in alignment with the Purposes and Principles of the UN Charter. They expressed appreciation for proposals aiming for a peaceful resolution of the Ukraine conflict through dialogue and diplomacy.

On the Middle East

BRICS expressed deep concern over the worsening humanitarian crisis in the Occupied Palestinian Territory, highlighting the escalation of violence in Gaza and the West Bank due to Israel’s military actions. The group condemned the mass civilian casualties, forced displacement, and extensive infrastructure damage. They also expressed alarm over the ongoing situation in Southern Lebanon, urging for an immediate cessation of military actions.

On Western Sanctions

The BRICS nations voiced their concern over the adverse effects of unilateral coercive measures and sanctions on the global economy, international trade, and efforts to achieve sustainable development goals.

On Reforming the International Financial System

The need to reform the current global financial architecture was underscored to better address global economic challenges and to promote a more inclusive and just financial system.

On the BRICS Grain Exchange

BRICS welcomed Russia's initiative to establish a grain trading platform within the group, known as the BRICS Grain Exchange. This initiative aims to expand to other agricultural sectors over time.

On the BRICS Cross-Border Payment System

The group highlighted the benefits of an efficient, low-cost, and inclusive cross-border payment system. They endorsed using local currencies for transactions between BRICS nations and their trading partners.

On BRICS Clear Depositary

BRICS agreed to explore the feasibility of establishing an independent cross-border settlement and depositary infrastructure called BRICS Clear. This would complement the existing financial market infrastructure and support a BRICS independent reinsurance capacity through a voluntary-based BRICS (Re)Insurance Company.

On Financial Innovation

The BRICS Interbank Cooperation Mechanism (ICM) was acknowledged for its focus on expanding innovative financial approaches for projects, especially those promoting local currency financing.

On the IMF

The group reaffirmed its commitment to maintaining a strong and effective Global Financial Safety Net, anchored by a quota-based and adequately resourced International Monetary Fund (IMF).

On the G20

BRICS reiterated the significance of continued collaboration within the G20, emphasizing consensus-based and result-oriented efforts.

On Preventing Future Pandemics

The group expressed support for initiatives like the BRICS R&D Vaccine Center and the development of the BRICS Integrated Early Warning System to prevent mass infectious diseases.

On Big Cats Conservation

Recognizing the vulnerability of big cats, BRICS took note of India’s initiative to establish an International Big Cats Alliance. The group encouraged collaborative conservation efforts among BRICS nations.

Source: Reuters